How will you feel if Ulduar turns out to be quite hard, somewhat that will force endgame guilds to struggle quite some weeks to down an Hard Mode, and possibly Months to the "Normal" guilds?
I personally will feel the option between 1 and 2,very happy to have some real challenges, and to know that the boss I'm doing won't be farmed by all of the "normal/semihardcore" guilds that will clear it the next few months, but will be somewhat people will be rewarded for their "skill" "coordination" "ability" or whatever you like to call it, some of them already exists (I can only say the Immortal, as coordinaton, and Of the Nightfall, as ability, to be the current right "rewards" for players who put effort into this.) but in Ulduar there could be way more, reading about the number of Hard Modes.